About

Essilor has become known worldwide as the largest manufacturer of ophthalmic lenses and other equipment designed to correct and protect eyesight. Its international brands, such as Varilux, are a household name across a number of countries, bringing the company a 2015 revenue of €6.72bn. The legal team, led by group chief legal officer Alexander Lunshof, has built a solid foundation for the company to attain its corporate vision of improving eyesight for all through innovation and geographical reach to less developed countries. In January 2017, Essilor and Luxottica, the world’s leading consumer eyewear group, announced a €49bn merger that will create the largest company of its kind. Considering the legal work that will be needed over the coming year – structuring the deal, agreeing the shareholder rights, gaining shareholder and regulators’ approval – Lunshof and team are likely to have a key part to play in the potential success of the merger. Lunshof had excellent experience of merger activity and regulatory approval during a previous role as head of M&A for France Telecom. The legal teams of both companies already achieved a significant victory when the French market watchdog waived a mandatory bid obligation, which means that a holding company can acquire a stake of Essilor that is over the 30% threshold that would usually trigger a buyout offer. This was a key milestone in the initial stages of the planned creation of EssilorLuxottica, which is expected to be finalised by the end of 2017. Draft resolutions relating to the combination of the companies will be submitted for approval at an Essilor general shareholders’ meeting on 11 May. There will be much more work needed to gain all the necessary regulatory and competition approvals, as well as some way to go to convince some industry commentators that this is a positive move for the sector. Regardless of the potential obstacles that lie ahead, there is no doubt that Lunshof and his legal team will be able to rise to the challenge.